QuoteMedia Announces Financial Results for Q1 2014

May 15, 2014 16:30 ET | Source:QuoteMedia, Inc.

PHOENIX, May 15, 2014 (GLOBE NEWSWIRE) -- QuoteMedia, Inc. (OTCQB:QMCI), a leading provider of market data and cloud-based applications, announced financial results for the three months ended March 31, 2014. These results reflect a 7% decrease in first quarter revenues, to $2,224,067 from $2,383,985 in the comparative period in 2013.

"As we indicated when announcing our 2013 year-end results, Penson Worldwide, Inc., one of our largest clients, filed for Bankruptcy, resulting not only in a loss of revenue for services provided to Penson, but also to a host of Penson's correspondent brokerage clients," said Keith Guelpa, President of QuoteMedia, Inc. "This has had a major impact on our revenue. Nevertheless, we have been successful in adding new clients and growing existing relationships to help offset the loss of this major client and associated revenue streams.

"Additionally, since the fourth quarter of 2013, the U.S. dollar has appreciated approximately 10% versus the Canadian dollar. This will result in lowering both our reported Canadian dollar revenues and expenses in 2014 compared to 2013 once translated into U.S. dollars. Approximately 29% of our revenues and 36% of our expenses are in Canadian dollars, so while the appreciation of the U.S. dollar will lower revenues figures compared to 2013, it will positively impact our bottom line in 2014.

"While the loss of revenue resulting from the Penson bankruptcy, as well as the relative strength of the U.S. dollar versus the Canadian dollar, will continue to impact our reported revenue in 2014; we remain on track to return to positive revenue growth in the second half of 2014."

Statements about QuoteMedia's future expectations, including future revenue, earnings, and transactions, as well as all other statements in the press release other than historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. QuoteMedia intends that such forward-looking statements be subject to the safe harbors created thereby. These statements involve risks and uncertainties that are identified from time to time in the Company's SEC reports and filings, and are subject to change at any time. QuoteMedia's actual results and other corporate developments could differ materially from that which has been anticipated in such statements.

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